NBS attributed the 2013 decline in the country’s trade value to the decline in exports volume.
Nigeria’s total external merchandise trade value for 2013 showed a significant drop when compared with the figures for the previous year.
The National Bureau of Statistics, NBS, said this in its Foreign Trade Statistics Report for the 4th quarter of 2013 released on Wednesday.
It also said that total trade value for the year stood at about N21.261 trillion. This is lower by about N6.81 trillion or 24.3 per cent when compared with about N28.071 trillion recorded for the corresponding period in 2012.
The report attributed the decline in the country’s trade value for the calendar year to the decline in exports volume, which also dropped by about 36.5 per cent.
“Comparison with the fourth quarter of the previous year revealed that the value of the nation’s total merchandise trade declined by 28.2 per cent, or N2.023 trillion,” the report said.
The report, which captured elaborately the merchandise trade trend for the fourth quarter of the year, indicated that merchandise trade value for the quarter stood at about N5.16 trillion, down from about N5.66 trillion recorded in the preceding quarter, representing about 8.8 per cent decline in the two quarters.
The Bureau clarified that the decline in trade value for the 4th quarter of 2013 was due to the about N1.69 trillion decrease in the volume of imports, representing 19.1 per cent when compared with the
3rd quarter figures of N2.08 trillion.
Export figures, it noted, also reflected a similar trend, dropping by N1.79 trillion, or 2.7 per cent from the about N3.57 trillion recorded in the third quarter, to about N3.48 trillion by year end 2013.
The NBS reported that the value of imports, when classified by International Trade Classification, showed that the value of Nigeria’s imports amounted to about N1.686 trillion in the 4th quarter of 2013, representing a decline of N398.7billion, or 19.1 per cent from the N2.085trillion recorded against 3rd quarter of 2013.
On year on year basis, the statistics agency reported that the value of imports were N393.2 billion, or 30.4 per cent greater than the value recorded for the corresponding quarter of 2012.
Based on the Standard International Trade Classification, SITC, the decrease in imports in the 4th quarter when compared to the 3rd quarter, could be attributed to the fall in the value of imports of “Beverages and Tobacco” by N202.1 billion, or 93.8 per cent and a N25.0 billion, or 56.7 per cent decline in the value of “Crude Inedible
Comparatively, the Bureau reported that in the 4th quarter of 2013, the value of Nigeria’s exports stood at N3.477 trillion, implying a moderate decline of N96.5 billion, or 2.7 per cent from N3.573 trillion recorded in the previous quarter, adding that exports are, however, N2.416 trillion, or 41 per cent lower than the value recorded for 4th quarter of 2012.
A further analysis of the export trade trend by section showed that “Mineral Products” dominated the country’s exports, contributing N3.167 trillion, or 91.1 per cent of the total value.
This was followed by “Prepared Foodstuffs, Beverages, Spirit and Vinegar, Tobacco” with N100.9 billion, or 2.9 per cent and “Vegetable Products” with N 51.641 billion, or 1.5 per cent of total exports of the quarter.
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